Cypherleak, a cyber risk monitoring and scoring startup, has closed a US$750,000 seed round to help drive Cypherleak’s expansion across the Middle East and Africa to eliminate the need for extensive cybersecurity technical expertise.
The firm will use the funding to help companies to track their leaked passwords and information on both the Public web and Dark web, enable them to identify the full extent of their attack and identify vulnerabilities affecting their infrastructure using its Machine Learning and advanced risk models to deliver customized security ratings.
Mohamed Amine Belarbi, Founder and CEO of Cypherleak, said: “The funding injection will enable us to accelerate our expansion across the Middle East and Africa, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings. With the backing of these strategic investors, Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world.”
The seed funding is from investors based in Abu Dhabi, Morocco, and Qatar and from entities including Maroc Numeric Fund II and Qatar Insurance Company.
Launched in April 2022, Cypherleak has rapidly established itself as a critical player in the cybersecurity industry. The company has successfully sold subscriptions to over 1000 corporate end-users across Europe and the MENA region, focusing on SMEs, often priced out of enterprise cybersecurity products. Cypherleak streamlines the process for smaller companies to deploy advanced risk monitoring without the need for deep cybersecurity technical knowledge.
“Cyber security risks are a serious threat for MENA SMEs who are mostly unprepared to face this new reality. Thanks to their strong experience, Mohamed Amine and his co-founders are building a strong and user-friendly platform that is able to address these serious threats, and help MENA SMEs get insured accordingly. We are thrilled to invest in Cypherleak and help the team open their African regional office in Morocco, which will be mainly dedicated to R&D” says Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II.
One of the most compelling use cases for Cypherleak’s technology is cyber insurance underwriting . Cypherleak’s cyber risk scoring enables insurers to accurately assess the cyber risk of prospective cyber insurance applicants, revolutionizing how cyber insurance is underwritten in the MENA region. Furthermore, Cypherleak’s cyber risk monitoring capabilities empower insurers to provide continuous value-added risk monitoring and mitigation services to their cyber-insured customers throughout the coverage period. Cypherleak’s relevance to the Insurance space was further confirmed when the company was declared winner of the MENA Insurtech Summit 2023 in Doha, Qatar.
“Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable. Cyber insurance for SMEs is already needed and is poised to grow in the months to come. Cypherleak has demonstrated its ability to understand these new challenges. QIC Digital Venture Partners is thrilled to invest and leverage Cypherleak’s cyber security capabilities to empower its cyber insurance practice.” says Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC).
